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US lenders continued to tighten their lending standards in the last three months of 2008, the Federal Reserve’s survey on bank lending practices revealed overnight.
The survey, which is based on responses from 53 domestic banks and 23 branches or agencies of foreign banks, showed around 45 percent of respondents indicated that they had tightened their lending standards on prime mortgages over the past three months.
Almost 50 percent of the 25 banks that originated non-traditional home loans reported having tightened their lending standards on such loans as well.
In commercial lending, a substantial 65 per cent of respondents said they had tightened lending standards on commercial and industrial loans to large to middle-market firms.
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